• 2 days Iraq Begins To Rebuild Largest Refinery
  • 2 days Canadian Producers Struggle To Find Transport Oil Cargo
  • 2 days Venezuela’s PDVSA Makes $539M Interest Payments On Bonds
  • 3 days China's CNPC Considers Taking Over South Pars Gas Field
  • 3 days BP To Invest $200 Million In Solar
  • 3 days Tesla Opens New Showroom In NYC
  • 3 days Petrobras CEO Hints At New Partner In Oil-Rich Campos Basin
  • 3 days Venezuela Sells Oil Refinery Stake To Cuba
  • 3 days Tesla Is “Headed For A Brick Wall”
  • 3 days Norwegian Pension Fund Set to Divest From Oil Sands and Coal Ventures
  • 3 days IEA: “2018 Might Not Be Quite So Happy For OPEC Producers”
  • 3 days Goldman Bullish On Oil Markets
  • 3 days OPEC Member Nigeria To Issue Africa’s First Sovereign Green Bond
  • 4 days Nigeria To Spend $1B Of Oil Money Fighting Boko Haram
  • 4 days Syria Aims To Begin Offshore Gas Exploration In 2019
  • 4 days Australian Watchdog Blocks BP Fuel Station Acquisition
  • 4 days Colombia Boosts Oil & Gas Investment
  • 4 days Environmentalists Rev Up Anti-Keystone XL Angst Amongst Landowners
  • 4 days Venezuelan Default Swap Bonds At 19.25 Cents On The Dollar
  • 4 days Aramco On The Hunt For IPO Global Coordinators
  • 5 days ADNOC Distribution Jumps 16% At Market Debut In UAE
  • 5 days India Feels the Pinch As Oil Prices Rise
  • 5 days Aramco Announces $40 Billion Investment Program
  • 5 days Top Insurer Axa To Exit Oil Sands
  • 5 days API Reports Huge Crude Draw
  • 5 days Venezuela “Can’t Even Write A Check For $21.5M Dollars.”
  • 5 days EIA Lowers 2018 Oil Demand Growth Estimates By 40,000 Bpd
  • 6 days Trump Set To Open Atlantic Coast To Oil, Gas Drilling
  • 6 days Norway’s Oil And Gas Investment To Drop For Fourth Consecutive Year
  • 6 days Saudis Plan To Hike Gasoline Prices By 80% In January
  • 6 days Exxon To Start Reporting On Climate Change Effect
  • 6 days US Geological Survey To Reevaluate Bakken Oil Reserves
  • 6 days Brazil Cuts Local Content Requirements to Attract Oil Investors
  • 6 days Forties Pipeline Could Remain Shuttered For Weeks
  • 7 days Desjardins Ends Energy Loan Moratorium
  • 7 days ADNOC Distribution IPO Valuation Could Be Lesson For Aramco
  • 7 days Russia May Turn To Cryptocurrencies For Oil Trade
  • 7 days Iraq-Iran Oil Swap Deal To Run For 1 Year
  • 9 days Venezuelan Crude Exports To U.S. Fall To 15-year Lows
  • 9 days Mexico Blames Brazil For Failing Auction

Breaking News:

Iraq Begins To Rebuild Largest Refinery

'Perfect Storm' Wreaks Havoc On Europe’s Energy Market

'Perfect Storm' Wreaks Havoc On Europe’s Energy Market

The combination of several unexpected…

The Trillion Dollar Industry That Boosts Oil Consumption

The Trillion Dollar Industry That Boosts Oil Consumption

Rapid growth in mobility services…

Statoil To Invest $2.34B In Norwegian Offshore Projects

Offshore

Norway’s Statoil plans to invest the equivalent of $2.34 billion on extending the lifetime of a field in the Norwegian Sea and starting production in a new field nearby, the Norwegian oil major said on Monday.

Statoil submitted with authorities today plans to invest $2.34 billion (19.8 billion Norwegian kroner) to keep the Njord field – whose production began in 1997 and was halted in 2016 -- in operation by 2040 through upgrading the existing platform, and in the new Bauge field. Statoil is committing $1.857 billion (15.7 billion Norwegian kroner) to the Njord field, and another $485 million (4.1 billion Norwegian kroner) to the Bauge field.

When we submitted the plan for development and operation for the Njord development 20 years ago we assumed that the field would be shut down in 2013. With new technology, project improvements and close cooperation with the partners and supply industry, we now see opportunities to create considerable value for another 20 years at Njord”, Margareth Øvrum, Statoil’s executive vice president for Technology, Projects and Drilling, said in the company statement.

Statoil expects both projects to come on stream at the end of 2020, and has estimated the remaining resources on the Njord field at 175 million barrels of oil equivalent, and those at Bauge at 73 million barrels of oil equivalent.

Related: The Upcoming Surge In U.S. Oil Demand Explained In One Chart

The Norwegian Petroleum Directorate acknowledged the receipt of the plans for development and operation, and its assistant director for Development and operation, Kalmar Ildstad, said:

“We are interested in ensuring investments to extend field lifetimes. This will allow both recovery and value creation to increase, while also opening up opportunities for developing other discoveries in the area.”

Last month, Statoil said that due to strict capital discipline, its organic capital expenditure was reduced to $10.1 billion last year, but organic investment was expected higher this year, at around $11 billion.

By Tsvetana Paraskova for Oilprice.com

More Top Reads From Oilprice.com:



Join the discussion | Back to homepage

Leave a comment

Leave a comment

Oilprice - The No. 1 Source for Oil & Energy News